US Stocks Climbing As Traders Bet On Rate-cut Hopes

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Published on 12 Jul 2019, 15:02
Stocks climbed on Friday as the growing prospect of a cut to US interest rates this month outweighed renewed tensions in the US-China trade war, an unexpected contraction in Singapore, and uninspiring Chinese trade data. Federal Reserve Chair Jerome Powell told Congress that the central bank is largely in agreement that "more accommodative monetary policy may be appropriate." However, Trump accused China of "letting us down" by not purchasing US agricultural products as promised. "Unhappy Trump brought the trade war back in focus, reminding investors that the year-old trade battle between the US and China is far from being over," one analyst said.
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